e8东的信 _作者: 美 沃伦·巴菲特-第30章
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seller by talking； even preliminarily； about a transaction when price is unknown）。 We will not engage in unfriendly takeovers。 We can promise plete confidentiality and a very fast answer … customarily within five minutes … as to whether we're interested。 We prefer to buy for cash； but will consider issuing stock when we receive as much in intrinsic business value as we give。 We invite potential sellers to check us out by contacting people with whom we have done business in the past。 For the right business … and the right people … we can provide a good home。 On the other hand； we frequently get approached about acquisitions that don't e close to meeting our tests： new ventures； turnarounds； auction…like sales； and the ever…popular （among brokers） 〃I'm…sure…something…will…work…out…if…you…people…get…to…know…each…other。〃 None of these attracts us in the least。 Besides being interested in the purchases of entire businesses as described above； we are also interested in the negotiated purchase of large； but not controlling； blocks of stock parable to those we hold in Cap Cities and Salomon。 We have a special interest in purchasing convertible preferreds as a long…term investment； as we did at Salomon。
除了以上买下整家公司的购并案外，我们也会考虑买进一大部份不具控制权的股份，就像我们在资本城与所罗门这两个Case一样，尤其是我们对于像这次购买所罗门一样的可转换特别股当作长期投资特别有兴趣。
接下来是一点记忆回顾，大部分Berkshire的大股东是在1969年
清算巴菲特合伙事业时取得本公司股份的，这些合伙的伙伴可能还记得当初在1962年，我曾经在巴菲特合伙事业所投资控制的Dempster…一家帮浦与农用机具制造公司，面临经营上重大的难题。
And now a bit of deja vu。 Most of Berkshire's major stockholders received their shares at yearend 1969 in a liquidating distribution from Buffett Partnership； Ltd。 Some of these former partners will remember that in 1962 I encountered severe managerial problems at Dempster Mill Manufacturing Co。； a pump and farm implement manufacturing pany that BPL controlled。
在当时我带着我无法解决的问题去找查理，就像是现在一样，查理建议我在加州他有一位朋友叫Harry Bottle非常脚踏实地，或许可以帮得上忙，我在当年四月去洛杉矶拜访他，一个礼拜后，他就被请到内布拉斯加州来管理Dempster，此后问题立刻获得解决，记得在1962年的年报中，我还特地将Harry封为年度风云人物。
At that time； like now； I went to Charlie with problems that were too tough for me to solve。 Charlie suggested the solution might lie in a California friend of his； Harry Bottle； whose special knack was never forgetting the fundamental。 I met Harry in Los Angeles on April 17； 1962； and on April 23 he was in Beatrice； Nebraska； running Dempster。 Our problems disappeared almost immediately。 In my 1962 annual letter to partners； I named Harry 〃Man of the Year。〃
24年后，场景搬到Berkshire 另外一家子公司K & W公司，一家专门生产自动机具的小公司，过去这家公司做得还不错，不过到了1985…1986年却突然发生状况，盲目追求达不到的东西，却放弃现有可以做的产品，负责管理监督K & W的查理，知道可以不必知会我，直接找到现年68岁的Harry，任命他为CEO，然后就静待结果出来，事实上他没有等多久，到了1987年隔年， K & W的获利就创下新高，比1986年成长三倍，由于获利提升，该公司所需的资金也就跟着减少，该公司的应收及存货水准减少了20％。
Fade to 24 years later： The scene is K & W Products； a small Berkshire subsidiary that produces automotive pounds。 For years K & W did well； but in 1985…86 it stumbled badly； as it pursued the unattainable to the neglect of the achievable。 Charlie； who oversees K & W； knew there was no need to consult me。 Instead； he called Harry； now 68 years old； made him CEO； and sat back to await the inevitable。 He didn't wait long。 In 1987 K & W's profits set a record； up more than 300％ from 1986。 And； as profits went up； capital employed went down： K & W's investment in accounts receivable and inventories has decreased 20％。
所以要是在往后的十年、二十年，我们的被投资事业又发生问题时，你就知道谁的电话又会响了。
If we run into another managerial problem ten or twenty years down the road； you know whose phone will ring。 About 97。2％ of all eligible shares participated in Berkshire's 1987 shareholder…designated contributions program。 Contributions made through the program were 4。9 million； and 2；050 charities were recipients。
大约有97。2％的有效股权参与1987年的股东指定捐赠计划，总计约490万美元捐出的款项分配给2；050家慈善机构最近一项研究显示约有50％的美国大公司的捐赠计画是由董事会所决定，这等于是由代表公司所有股东的一小群人来决定公司资金捐给他们所偏爱的慈善机构，却从来不会去管股东们的意见，（我很怀疑若情况刚好相反，由股东们来决定这些董事口袋里的钱要捐给谁时，他们会有什么样的反应），当甲从乙的身上拿钱给丙时，若甲是立法者，则这个过程叫做课税，若甲是企业的主管或是经理人时，这就叫做是慈善，我们仍然坚信除非是捐给那些很明显对于公司有助益的单位时，应该要先征询股东们而非仅仅是经理人或是董事的意见。
A recent survey reported that about 50％ of major American panies match charitable contributions made by directors （sometimes by a factor of three to one）。 In effect； these representatives of the owners direct funds to their favorite charities； and never consult the owners as to their charitable preferences。 （I wonder how they would feel if the process were reversed and shareholders could invade the directors' pockets for charities favored by the shareholders。） When A takes money from B to give to C and A is a legislator； the process is called taxation。 But when A is an officer or director of a corporation； it is called philanthropy。 We continue to believe that contributions； aside from those with quite clear direct benefits to the pany； should reflect the charitable preferences of owners rather than those of officers and directors。
我们敦促新加入的股东，仔细阅读年报上有关股东捐赠计画的详细内容，如果在未来年度内，你想要参加这类的计画，我们强烈建议你将股份登记在自己而不是受托人的名下，必须在1988年9月30日之前完成登记，才有权利参与1988年的计画。
We urge new shareholders to read the description of our shareholder…designated contributions program that appears on pages 54 and 55。 If you wish to participate in future programs； we strongly urge that you immediately make sure your shares are registered in the name of the actual owner； not in 〃street〃 name or nominee name。 Shares not so registered on September 30； l988 will be ineligible for the 1988 program。
去年总共有450位股东参加年度股东会，总计提出了60个左右精彩的问题，在许多公司股东会只是浪费时间，因为大多流于形式，不过我们的股东会却不一样，股东们非常具有建设性且带来了许多欢乐。
Last year we again had about 450 shareholders at our annual meeting。 The 60 or so questions they asked were； as always； excellent。 At many panies； the annual meeting is a waste of time because exhibitionists turn it into a sideshow。 Ours； however； is different。 It is informative for shareholders and fun for us。 （At Berkshire's meetings； the exhibitionists are on the dais。） This year our meeting will be on May 23； 1988 in Omaha； and we hope that you e。 The meeting provides the forum for you to ask any owner…related questions you may have； and we will keep answering until all （except those dealing with portfolio activities or other proprietary information） have been dealt with。
今年的股东会将在1988年5月23日在奥玛哈举行，我们希望你们都能来参加，这个会议提供一个场所让你能够提出任何与股东有关的问题，我们会一直回答到所有股东都满意为止（除了那些想要知道投资组合明牌或是内线消息的人）
Last year we rented two buses … for 100 … to take shareholders interested in the trip to the Furniture Mart。 Your actions demonstrated your good judgment： You snapped up about 40；000 of bargains。 Mrs。 B regards this expense/sales ratio as on the high side and attributes it to my chronic inattention to costs and generally sloppy managerial practices。 But； gracious as always； she has offered me another chance and we will again have buses available following the meeting。 Mrs。 B says you must beat last year's sales figures； and I have told her she won't be disappointed。
去年我们花了100元租两台巴士载着有兴趣的股东到家具广场，大家的行动展现了明智的抉择，总共买下了约4万美元的东西， B太太认为这样的营业费用比例太高，认为这都是我个人长久以来对于成本没有概念、管理松散的缘故，不过还是一样大方，今年她再次给我机会，在会后还是会有巴士等着各位，B太太希望我一定要打破去年的记录，而我也已经答应她不会让她失望。
一九八八
Our gain in net worth during 1988 was 569 million； or 20。0％。 Over the last 24 years （that is； since present management took over）； our per…share book value has grown from 19。46 to 2；974。52； or at a rate of 23。0％ pounded annually。
本公司1988年的净值增加了五亿六千九百万美元，较去年增加了20。0％，而过去24年以来（自从现有经营阶层接手后），每股净值从19元成长到现在的2；974美元，年复合成长率约为23。0％。
We’ve emphasized in past reports that what counts； however； is intrinsic business value … the figure； necessarily an estimate； indicating what all of our constituent businesses are worth。 By our calculations； Berkshire intrinsic business value significantly exceeds its book value。 Over the 24 years； business value has grown somewhat faster than book value； in 1988； however； book value grew the faster； by a bit。
在过去的年报中我们一再强调真正重要的是企业的真实价值，它代表着我们旗下企业组成份子到底值多少钱？这个数字绝对是个估计数，根据我们内部的估算，目前Berkshire真实的价值已大幅超越其帐面价值，过去24年以来，企业价值成长的速度一直要比帐面价值成长的幅度要高一点，但在1988年情况有点不同，后者增加的幅度略高于前者。
Berkshire past rates of gain in both book value and business value were achieved under circumstances far different from those that now exist。 Anyone ignoring these differences makes the same mistake that a baseball manager would were he to judge the future prospects of a 42…year…old center fielder on the basis of his lifetime batting average。
过去Berkshire真实与帐面价值成长的背景，与现在有很大的不同，若搞不清楚其间的差异，就好象是一位棒球教练在判断高龄42岁的中外野手未来潜力时，以他一生的平均打击率作为判断依据。
Important negatives affecting our prospects today are： （1） a less attractive stock market than generally existed over the past 24 years； （2） higher corporate tax rates on most forms of investment ine； （3） a far more richly…priced market for the acquisition of businesses； and （4） industry conditions for Capital Cities/ABC； Inc。； GEICO Corporation； and The Washington Post pany … Berkshire three permanent investments； constituting about one…half of our net worth … that range from slightly to materially less favorable than those existing five to ten years ago。 All of these panies have superb management and strong properties。 But； at current prices； their upside potential looks considerably less exciting to us today than it did some years ago。
今日我们所面临不利的因素主要有︰（1）目前的股票市场过热，股价相对偏高（2）企业投资利益的税负过高（3）企业被购并的价格偏高（4） Berkshire主要三大投资事业（约占本公司净值的一半） 资本城/ABC、GEICO汽车保险与华盛顿邮报，个别的产业状况多多少少不若以往，虽然这些公司有杰出的管理与强势的资产，但以目前的股价来看，他们向上成长的潜力相对有限。
The major problem we face； however； is a growing capital base。 You have heard that from us before； but this problem； like age； grows in significance each year。 （And also； just as with age； it’s better to have this problem continue to grow rather than to have it old。？
然而我们面对的主要问题还是不断增加的资金规模，先前各位也听过类似的说明，不过这个问题就好象是一个人的身体健康�
